Oil India reports 18% drop in Q2 net profit, declares 1:3 bonus share

State-owned Oil India Ltd on Monday reported 17.7 % drop in the September quarter net profit on account of fall in oil prices even as it declared a 1:3 bonus share.

Net profit of Rs 580.27 crore for the second quarter of the current fiscal, or Rs 9.66 a share, was 17.7 % lower than Rs 705.67 crore, or Rs 11.74 a share, in the same period of last financial year, the company said in a statement. OIL's turnover was lower at Rs 2,720.92 crore in the July-September quarter of 2016-17 as compared to Rs 2,960.77 crore in the year-ago period.

It got $44.55 for every barrel of crude oil it produced in the quarter as compared to $46.43 a barrel net realisation in Q2 of previous fiscal. Crude oil production was almost flat at 0.8 million tons while natural gas output was a tad higher at 0.743 billion cubic meters from 0.702 bcm last year.

Board of OIL also recommended issue of 1:3 bonus share -- issue of one bonus equity share of Rs 10 each for every three existing fully paid up equity share.